Recently, the cryptocurrency market has faced many challenges. On the Ethereum side, early advisors filed a lawsuit against a law firm seeking $100 million for their negligence in defending a cryptocurrency extortion case. In addition, Ethereum’s user activity has dropped significantly, from 15,000 in early February to about 650 currently, a decrease of more than 40%, showing that investors’ confidence in the platform has weakened. On the other hand, the Bitcoin spot ETF faced capital outflows, with net outflows reaching US$706 million last week, while the Ethereum spot ETF also suffered an outflow of US$91.04 million, reflecting investors' trust issues in institutional products. Although the Ethereum Foundation's ETH pledge shows a certain degree of confidence, the overall market sentiment is still pessimistic. There are also some emerging projects such as Friend.tech’s token FRIEND, which fell by 21.8%, indicating increased market volatility. From the overall situation, as the Federal Reserve interest rate meeting approaches, the market is generally in an oversold state, and investors need to remain cautious in the short term. To sum up, the overall trend of the cryptocurrency market is currently weak, investor confidence has declined, and it is necessary to pay attention to policy and market changes.